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BOOK Calculator Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income $3,300 2,700 12,200 Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: Sales $148,000 Interest revenue Purchases retums 5,200 Purchases discounts taken Gain on sale of equipment (pretax) 3,800 Inventory, January 1, 2019 Freight-in 3,400 Purchases Selling expenses 15,600 Administrative expenses Unrealized increase in fair value of Loss from truck accident (pretax) 2,400 available-for-sale securities The following additional Information is also available. 1. The December 31, 2019, ending inventory is $14,700. 2. During 2019, 4,200 shares of common stock were outstanding the entire year. 3. The income tax rate is 30% on all iter of income. Required: 89,400 24,200 6,500 1. Prepare a separate schedule for Gaskin's cost of goods sold. GASKIN COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, 2019 Inventory, 1/1/2019 V Purchases Less: Freight-in X Cost of purchases Less: Purchases returns Add: Purchases returns X 9 Net purchases Cost of goods sold x Less: Inventory, 12/31/2019 Cost of goods sold 2. Prepare a 2019 single-step income statement. Disregard EPS disclosure. GASKIN COMPANY Income Statement (Single-Step) For Year Ended December 31, 2019 Revenues Sales Interest revenue Gain on sale of equipment Total revenues Expenses Cost of goods sold Selling expenses Administrative expenses Loss from truck accident Income tax expense Total expenses Net Income $ HWY5 eBook Calculator 3. Prepare a 2019 multiple-step income statement. Disregard EPS disclosure. GASKIN COMPANY Income Statement (Multi-Step) For Year Ended December 31, 2019 Sales Cost of goods sold 8 Gross profit Operating expenses Selling expenses Administrative expenses Total operating expenses Operating income Other items 4. Prepare a 2019 statement of comprehensive income. GASKIN COMPANY Statement of Comprehensive Income For Year Ended December 31, 2019 Net Income Other comprehensive income: Unrealized increase in value of available-for-sale securities (net of income taxes) Comprehensive income

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